Food and Beverages

Plant-Based Meat Market

Global Industry Analysis and Forecast 2024-2031

Pages : 120

Base Year : 2023

Released Year : April 2024

Format :Pdf Ppt Xls

Report ID:KR619

Author : Antriksh P.

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Base Year

2023

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Forecast Year

2023-2031

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Historical Years

2019-2022

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Market Value (2023)

USD 8.53 Billion

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Forecasted Value (2031)

USD 18.97 Billion

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CAGR (2024 - 2031)

10.53%

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Fastest Growing Region (2024 - 2031)

Europe

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Largest Region

Asia Pacific

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By Source

Soy, Wheat, Pea, Blends

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By Type

Beef, Poultry, Pork, Others

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By Product Format

Patties, Blocks, Grounds, Others

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By Distribution Channel

Food Retail, Foodservice (HORECA Sector), Online Retail, Others


Plant-Based Meat Market Size

The global Plant-Based Meat Market was valued at USD 8.53 billion in 2023 and is projected to reach USD 18.97 billion by 2031, growing at a CAGR of 10.53% from 2024 to 2031. Health and wellness trends are driving the growth of the plant-based meat market. With the increasing emphasis on healthy eating habits and lifestyle choices, consumers are seeking alternatives to traditional meat products. Plant-based meats are emerging as a compelling solution as they are often lower in saturated fats and cholesterol, while still providing a good source of protein. Additionally, they are free from antibiotics and hormones commonly found in animal-derived meats, thus aligning with consumers' preferences for cleaner and natural food choices. As people become more health-conscious, they are actively looking for plant-based meat products to incorporate into their diets, thereby driving product demand and propelling the growth of the market.

Plant-based meat refers to food products that mimic the taste, texture, and nutritional profile of traditional animal meat but are derived from plant sources. These products are made from various plant-based ingredients such as soy, wheat, peas, mushrooms, and other legumes. Plant-based meat comes in various forms, including burgers, sausages, nuggets, and ground meat alternatives. They are designed to be versatile and are used in a wide range of applications, including burgers, sandwiches, stir-fries, tacos, and more. Plant-based meat products offer a sustainable and ethical alternative to traditional meat, which resonates with consumers seeking healthier and environmentally friendly food options.

Analyst’s Review

The plant-based meat market is experiencing robust growth, driven by shifting consumer preferences toward healthier and more sustainable food choices. With rising concerns regarding health, animal welfare, and environmental sustainability, consumers are increasingly looking for alternatives to traditional meat products. This has led to a surge in the demand for plant-based meat products across various regions globally. The market outlook remains positive, with continued innovation in product development, expansion of distribution channels, and growing consumer acceptance driving growth in the forthcoming years.

Plant-Based Meat Market Growth Factors

The growing flexitarian and vegan population is a significant factor supporting the increasing demand for plant-based meat products. Flexitarians are individuals who primarily follow a vegetarian diet while occasionally incorporating meat or fish into their meals. Similarly, individuals adhering to a vegan lifestyle abstain from the consumption of all animal products. Both groups are looking for alternatives to traditional meat products for various reasons, including health considerations, animal welfare, and environmental concerns. This growing consumer base presents a lucrative opportunity for plant-based meat manufacturers to cater to their preferences and expand their market reach.

High prices of plant-based products compared to traditional meat pose a significant restraint to market growth. While plant-based meat products offer various benefits such as health and environmental advantages, they often come at a premium price point due to the cost of production and processing involved in creating these alternatives. This price differential deters price-sensitive consumers from opting for plant-based options, particularly in regions where traditional meat products are comparatively more affordable. Overcoming this price barrier through technological advancements, leveraging economies of scale, and efficient supply chain management are imperative steps for increasing the adoption and market penetration of plant-based meat products.

Plant-Based Meat Market Trends

The rising demand for alternative proteins is a notable trend driving the growth of the plant-based meat market. As consumers become more health-conscious and environmentally aware, there is a growing preference for plant-based protein sources over traditional animal-derived products. Plant-based meats offer a sustainable and ethical alternative, appealing to consumers who seek healthier and more environmentally friendly food options. This trend is further fueled by innovations in plant-based meat technology, leading to the development of products that closely resemble the taste, texture, and nutritional profile of traditional meat, thereby expanding the market potential for plant-based alternatives.

Segmentation Analysis

The global plant-based meat market is segmented based on source, type, product format, distribution channel, and geography.

By Source

Based on source, the market is categorized into soy, wheat, pea, and blends. The soy segment dominated the market with a share of 53.98% in 2023 on account of its widespread availability, nutritional value, and versatility in plant-based meat formulations. Soy-based ingredients such as soy protein isolate and textured soy protein are commonly used as key components in plant-based meat products due to their ability to mimic the texture and taste of traditional meat. Additionally, soy-based products are often perceived as healthier alternatives, thereby driving their popularity among consumers looking for plant-based protein sources.

By Type

Based on type, the market is classified into beef, poultry, pork, and others. The pork segment is anticipated to witness the highest growth at an 11.47% CAGR over the forecast period as a result of increasing consumer awareness regarding the environmental and ethical implications of traditional pork production. With growing concerns over issues such as deforestation, greenhouse gas emissions, and animal welfare, consumers are increasingly opting for alternatives to conventional pork products. Plant-based pork alternatives offer a sustainable and cruelty-free option, appealing to consumers looking to reduce their environmental footprint and support ethical food choices.

By Distribution Channel

Based on distribution channel, the market is segmented into food retail, food service (HORECA sector), online retail, and others. The food retail segment garnered the highest revenue of USD 3.82 billion in 2023, propelled by the surging availability and accessibility of plant-based meat products across various retail channels such as supermarkets, hypermarkets, and specialty stores. The growing demand for plant-based meat products, coupled with increased shelf space and marketing efforts by retailers, has contributed to the dominance of the food retail segment. Moreover, collaborations between plant-based meat manufacturers and retail chains have facilitated enhanced product placement and visibility, thereby driving sales through the food retail channel.

Plant-Based Meat Market Regional Analysis

Based on region, the global plant-based meat market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Plant-Based Meat Market Size & Share, By Region, 2024-2031

Asia-Pacific secured the highest market share of 29.81% in 2023 due to the presence of a large and rapidly growing population base, particularly in countries such as China and India. As incomes rise and urbanization accelerates across Asia-Pacific, consumers are becoming more health-conscious and environmentally aware, leading to a shift toward plant-based diets. Additionally, government initiatives and campaigns promoting sustainable food consumption and environmental conservation contribute to the growing demand for plant-based meat alternatives. Moreover, the presence of major players in the plant-based meat market, coupled with investments in research and development and marketing efforts, has expanded product availability and consumer awareness in the region. Furthermore, Asia-Pacific's rich culinary traditions and diverse cuisines provide ample opportunities for plant-based meat manufacturers to innovate and tailor their products to local tastes and preferences, thereby driving regional market growth and penetration.

North America is likely to experience significant growth at a 10.18% CAGR between 2024 and 2031 owing to increasing health consciousness among consumers, leading to a growing demand for healthier and more sustainable food options. As concerns over issues such as obesity, heart disease, and environmental sustainability continue to rise, consumers in North America are increasingly shifting toward plant-based diets and alternatives to traditional meat products. Additionally, the presence of a well-established food industry infrastructure, including robust distribution networks and retail channels, facilitates the accessibility and availability of plant-based meat products to consumers across the region. Moreover, collaborations between plant-based meat manufacturers and food service providers, as well as investments in marketing and consumer education campaigns, are driving awareness and adoption of plant-based diets in North America. With these factors, North America is poised to experience significant growth in the market over the forecast period.

Competitive Landscape

The global plant-based meat market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Expansion & investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization.

List of Key Companies in Plant-Based Meat Market

  • Beyond Meat Inc.
  • Conagra, Inc.
  • Kellanova
  • Quorn
  • Unilever
  • Maple Leaf Foods
  • Impossible
  • Paulig
  • The Kraft Heinz Company
  • Sunfed

Key Industry Developments in Plant-Based Meat Market

  • March 2024 (Launch): The Kraft Heinz Not Company LLC introduced NotHotDogs and NotSausages, marking the inaugural plant-based offerings from Oscar Mayer and the first plant-based meat innovation resulting from the collaborative venture between The Kraft Heinz Company and TheNotCompany.
  • February 2024 (Launch): Beyond Meat unveiled its latest innovation, Beyond IV, the fourth generation of its core beef platform. This launch introduces the new Beyond Burger and Beyond Beef exclusively at retail, reaffirming Beyond Meat's dedication to developing plant-based meat products that offer exceptional taste while providing significant nutritional advantages.

The global Plant-Based Meat Market is segmented as:

By Source

  • Soy
  • Wheat
  • Pea
  • Blends

By Type

  • Beef
  • Poultry
  • Pork
  • Others

By Product Format

  • Patties
  • Blocks
  • Grounds
  • Others

By Distribution Channel

  • Food Retail
  • Foodservice (HORECA Sector)
  • Online Retail
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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CUSTOMIZATION OFFERED
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global plant-based meat market is projected to reach USD 18.97 billion by 2031, growing at a CAGR of 10.53% from 2024 to 2031.
The global plant-based meat market was valued at USD 8.53 billion in 2023.
The plant-based meat market is experiencing robust growth, driven by shifting consumer preferences toward healthier and more sustainable food choices.
Top manufacturers of plant-based meat market are Beyond Meat Inc., Conagra, Inc., Kellanova, Quorn, Unilever, Maple Leaf Foods, Impossible, Paulig, The Kraft Heinz Company, Sunfed, and others.
Europe is the fastest growing region with the CAGR of 10.80% in the forecasted period (2024-2031) with the market value forecasted to reach at USD 5.16 billion.
By source, soy will hold the maximum share in the plant-based meat market with the revenue value of USD 9.86 billion in 2031.
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